Credit Enhancement. ‌ [On or prior to the Closing Date, the Borrower shall deliver the Cash Collateral in the amount of $ to the Master Servicer/Trustee to secure the repayment of all due and payable payment obligations of the Borrower under this Bond Loan Agreement, including, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest and Call Premium, if any, on the Bond Loan. Pursuant to the Supplemental Indenture, the Master Servicer/Trustee shall establish a separate and dedicated account in which to deposit the Cash Collateral (the “Cash Collateral Account”). The Cash Collateral Account is part of the Bond Loan Collateral. In the event that monies are drawn from the Cash Collateral Account with respect to all or any portion of accelerated amounts due and payable as a result of any Event of Default in accordance with this Bond Loan Agreement or in the Promissory Note, amounts derived from the Cash Collateral Account shall be applied by the Master Servicer/Trustee immediately prior to the application of amounts derived from the Required Overcollateralization Cash Account and any cash on hand (derived from pledged Secondary Loans and Other Pledged Loans) available and on deposit with the Escrow Agent. If, as a result of a payment default under this Agreement, a deficiency occurs in the [ELIGIBLE CDFI] Debt Service Account [YEAR- ] causing a draw on the Cash Collateral Account, the Borrower will replenish the Cash Collateral Account on or before the next Loan Deposit Date. Subject to all obligations of the Borrower hereunder or in connection herewith being satisfied upon the Final Maturity Date, or the earlier prepayment in full of the Bond Loan, all funds in the Cash Collateral Account shall be remitted to the Borrower.]

Appears in 1 contract

Samples: Bond Loan Agreement

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Credit Enhancement. ~~‌ [~~(a) On or ~~prior~~ before February 15, 2001, Tenant shall deliver to Landlord a Letter of Credit as security for the full and punctual performance by Tenant of all of the terms of this Lease. If the Letter of Credit is not timely delivered, in accordance with Section 2.2(a) of the Purchase Agreement, Landlord will retain a portion of the Purchase Price (as defined in the Purchase Agreement), and Tenant shall have no further obligation to deliver the Letter of Credit. For so long as the Letter of Credit is in effect and sufficient funds thereunder shall be available for draw, Landlord shall be entitled to draw such Letter of Credit each month for payment of Base Rent and Additional Rent. In addition, if Landlord shall be entitled to draw the Letter of Credit in whole or in part pursuant to the ~~Closing Date~~other provisions of this Lease, Landlord shall have the Borrower shall deliver the Cash Collateral in the amount of $ to the Master Servicer/Trustee to secure the repayment of all due and payable payment obligations of the Borrower under this Bond Loan Agreementright, ~~including~~at its option, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest and Call Premium, if any, on the Bond Loan. Pursuant to the Supplemental Indenture, the Master Servicer/Trustee shall establish a separate and dedicated account in which either to deposit the ~~Cash Collateral~~ cash proceeds of any such draw upon the Letter of Credit into a cash collateral account (the “Cash Collateral Account”)) established in Landlord’s name and maintained by Landlord or to apply the proceeds to the obligations of Tenant due or to become due hereunder. The Cash Collateral Account ~~is part~~ shall be under the sole dominion and control of Landlord and Landlord shall have the ~~Bond Loan Collateral. In the event that monies are drawn~~ sole right to make withdrawals from the Cash Collateral Account and to exercise all rights with respect to ~~all or any portion of accelerated~~ the amounts ~~due and payable as a result of any Event of Default~~ deposited in accordance with this Bond Loan Agreement or in the Promissory Note, amounts derived from the Cash Collateral Account shall be applied by the Master Servicer/Trustee immediately prior to the application of amounts derived from the Required Overcollateralization Cash Account and any cash on hand (derived from pledged Secondary Loans and Other Pledged Loans) available and on deposit with the Escrow Agent. If, as a result of a payment default under this Agreement, a deficiency occurs in the [ELIGIBLE CDFI] Debt Service Account [YEAR- ] causing a draw on the Cash Collateral Account. (b) The initial letter of credit and any replacement letter of credit issued to Landlord shall satisfy the requirements set forth in this Section 4.7 (each, a “Letter of Credit”). Each Letter of Credit shall be a clean, irrevocable, non-documentary and unconditional letter of credit issued by and drawable upon any commercial bank, trust company, national banking association or savings and loan association with offices for banking and drawing purposes in the ~~Borrower will replenish~~ City of San Francisco (the ~~Cash Collateral Account~~ “Issuing Bank”), which has outstanding, unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for an outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as “+” or “-” or numerical notation, “A” or better by Xxxxx’x Investment Service and “A” or better by Standard & Poor’s Ratings Service (and is not on credit-watch or ~~before~~ similar credit review with negative implication), and has combined capital, surplus and undivided profits of not less than $1,000,000,000. Each Letter of Credit shall (i) name Landlord as beneficiary, (ii) be in the ~~next Loan Deposit~~ amount of the Required Amount, (iii) have a term of not less than one (1) year, (iv) permit multiple drawings, (v) be fully transferable by Landlord without payment of any fees or charges, (vi) at Landlord’s request, name any Leasehold Mortgagee as a co-beneficiary and (vii) otherwise be in form and content satisfactory to Landlord in its sole discretion. If upon the transfer of any Letter of Credit, any fees or charges shall so be imposed, then such fees or charges shall be payable solely by Tenant and the Letter of Credit shall so specify. Regardless of the initial expiration date of any Letter of Credit, each Letter of Credit shall expressly provide that (unless notice of non-renewal is delivered in accordance with the following sentence) it shall be deemed automatically renewed, without amendment, for consecutive periods after such expiration date of one year each during the Term through the date that is at least one hundred eighty (180) days after the Expiration Date. ~~Subject~~ If the Issuing Bank desires not to ~~all obligations~~ renew a Letter of Credit, it shall deliver a notice (the “Non-Renewal Notice”) to Landlord by certified mail, return receipt requested, not less than sixty (60) days prior to the then-current expiration date of the ~~Borrower hereunder~~ Letter of Credit, stating that the Issuing Bank has elected not to renew the Letter of Credit. In such event or if (a) for any other reason the Letter of Credit would expire by its terms in ~~connection herewith being satisfied upon~~ sixty (60) days or less from such date or (b) the ~~Final Maturity Date~~Issuing Bank is downgraded so that it no longer satisfies the rating requirements set forth in this Section 4.7, or Landlord shall have the ~~earlier prepayment in~~ right, at its option, either (x) to draw the full amount of the ~~Bond Loan~~Letter of Credit, ~~all funds~~ by sight draft on the Issuing Bank, and thereafter hold the proceeds in the Cash Collateral Account and apply them pursuant to the terms of this Article 4, or (y) to require Tenant to procure, or Landlord to procure on Tenant’s behalf at Tenant’s cost and utilizing if necessary the cash proceeds so drawn, a replacement Letter of Credit that satisfies the requirements of this Section 4.7; provided that Landlord shall provide Tenant with notice of any such event at least ten (10) business days before exercising such rights and Tenant may, within ten (10) business days after such notice is provided, deliver a replacement Letter of Credit that satisfies the requirements of this Section 4.7, and provided further that such notice shall not be required in the event Landlord determines in good faith that the delay caused by providing such notice presents a risk that Landlord will not be able to exercise its rights to draw upon the Letter of Credit following such delay. Each Letter of Credit shall be ~~remitted~~ governed by the International Standby Practices-ISP98 or any standard set of practices replacing ISP98. Each Letter of Credit shall be substantially in the form attached hereto as Exhibit D. (c) Within three (3) business days following any draw under the Letter of Credit or such shorter period as may be required under the Tenant’s reimbursement agreement with the Issuing Bank, Tenant shall reimburse the Issuing Bank for each such draw in an amount sufficient to insure that the face value of the Letter of Credit is an amount at least equal to the ~~Borrower~~Required Amount and shall cause the Issuing Bank to provide written notice to Landlord if such reimbursement is not timely made. In addition, if the Base Rent or Additional Rent increases such that the Required Amount would increase, Tenant shall within five (5) business days after such increase cause the Letter of Credit to be modified so that it satisfies the requirements of this Section 4.]

Appears in 1 contract

Samples: Lease Agreement (Google Inc.)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Appears in 1 contract

Samples: Pooling and Servicing Agreement Supplement (Citibank South Dakota N A)

Credit Enhancement. ~~‌ [On or prior to~~ (a) The Servicer shall establish and maintain, in the ~~Closing Date~~name of the Trustee, on behalf of the ~~Borrower shall deliver~~ Trust, for the benefit of the Series 1997-8 Certificateholders and the Cash Collateral in Depositor, as their interests appear herein, a "Sellers Collateral Account" and a "Bank Collateral Account", each of which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the ~~amount of $ to~~ funds deposited therein are held for the ~~Master Servicer/Trustee to secure the repayment of all due and payable payment obligations~~ benefit of the ~~Borrower under this Bond Loan Agreement, including, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest~~ Series 1997-8 Certificateholders and ~~Call Premium, if any, on the Bond Loan. Pursuant to the Supplemental Indenture, the Master Servicer/Trustee shall establish a separate and dedicated account in which to deposit~~ the Cash Collateral (Depositor. The Sellers Collateral Account and the “Bank Collateral Account are collectively referred to as the "Cash Collateral Account”)". The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral Account ~~is part~~ shall be under the sole dominion and control of the ~~Bond~~ Trustee for the benefit of the Series 1997-8 Certificateholders and the Cash Collateral Depositor. The interest of the Cash Collateral Depositor in the Cash Collateral Account shall be subordinated to the interests of the Series 1997-8 Certificateholders as provided herein and in the Loan ~~Collateral~~Agreement. In If at any time any of the ~~event that monies are drawn~~ accounts comprising the Cash Collateral Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Closing Date, deposit in the Cash Collateral Account the proceeds of the advance to be made on such date by the Cash Collateral Depositor under the Loan Agreement, (ii) make withdrawals from the Cash Collateral Account ~~with respect~~ from time to ~~all or any portion~~ time in an amount up to the Available Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of ~~accelerated amounts due~~ the Cash Collateral Account make a deposit into the Cash Collateral Account in the amount specified in, and ~~payable as a result of any Event of Default~~ otherwise in accordance ~~with this Bond Loan Agreement or in the Promissory Note~~with, ~~amounts derived~~ Section 4.09(j). All withdrawals from the Cash Collateral Account shall be ~~applied by~~ made in the ~~Master Servicer/Trustee immediately prior~~ priority and in the manner set forth below. The Cash Collateral Depositor shall not be entitled to ~~the application of amounts derived~~ reimbursement from the ~~Required Overcollateralization Cash Account and~~ Trust Assets for any ~~cash on hand (derived~~ withdrawals from pledged Secondary Loans and Other Pledged Loans) available and on deposit with the Escrow Agent. If, as a result of a payment default under this Agreement, a deficiency occurs in the [ELIGIBLE CDFI] Debt Service Account [YEAR- ] causing a draw on the Cash Collateral Account, the Borrower will replenish the Cash Collateral Account ~~on or before~~ except as specifically provided in this Series Supplement. (a.1) On each Additional Issuance Date, the ~~next Loan Deposit Date. Subject to all obligations~~ Servicer shall establish and maintain, in the name of the ~~Borrower hereunder~~ Trustee, on behalf of the Trust, for the benefit of the Series 1997-8 Certificateholders and the related Additional Cash Collateral Depositor, as their interests appear in this Series Supplement, an "Additional Cash Collateral Account" which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 1997-8 Certificateholders and the related Additional Cash Collateral Depositor. The Trustee shall possess all right, title and interest in ~~connection herewith being satisfied upon~~ all funds on deposit from time to time in the ~~Final Maturity~~ Additional Cash Collateral Account and in all proceeds thereof. The Additional Cash Collateral Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 1997-8 Certificateholders and the related Additional Cash Collateral Depositor. The interest of the Additional Cash Collateral Depositor in the Additional Cash Collateral Account shall be subordinated to the interests of the Series 1997-8 Certificateholders as provided herein and in the related Additional Loan Agreement. If at any time any of the accounts comprising the Additional Cash Collateral Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Additional Issuance Date, or deposit in the ~~earlier prepayment in full~~ Additional Cash Collateral Account the proceeds of the ~~Bond Loan~~advance to be made on such date by the Additional Cash Collateral Depositor under the Additional Loan Agreement, ~~all funds~~ (ii) make withdrawals from the Additional Cash Collateral Account from time to time in an amount up to the Available Additional Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of the Additional Cash Collateral Account make a deposit into the Additional Cash Collateral Account in the amount specified in, and otherwise in accordance with, Section 4.09(j). All withdrawals from the Additional Cash Collateral Account shall be made in the priority and in the manner set forth below. The Additional Cash Collateral Depositor shall not be entitled to reimbursement from the Trust Assets for any withdrawals from the Additional Cash Collateral Account except as specifically provided in this Series Supplement. (b) Funds on deposit in the Cash Collateral Account shall be ~~remitted~~ invested at the direction of the Servicer (or the Cash Collateral Depositor, as provided in the Loan Agreement) by the Trustee in Cash Collateral Account Investments. Funds on deposit in the Cash Collateral Account on any Transfer Date, after giving effect to any withdrawals from the Cash Collateral Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the ~~Borrower~~following Transfer Date. The proceeds of any such investments shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the Transfer Date immediately following the date of such investment. The Trustee shall maintain for the benefit of the Series 1997-8 Certificateholders and the Cash Collateral Depositor possession of the negotiable instruments or securities, if any, evidencing the Cash Collateral Account Investments. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Cash Collateral Account shall be paid to the Cash Collateral Depositor for application in accordance with the Loan Agreement. For purposes of determining the availability of funds or the balances in the Cash Collateral Account for any reason under this Series Supplement, all investment earnings on such funds shall be deemed not to be available or on deposit.] (b.1) Funds on deposit in each Additional Cash Collateral Account shall be invested at the direction of the Servicer (or the related Additional Cash Collateral Depositor, as provided in the related Additional Loan Agreement) by the Trustee in Cash Collateral Account Investments. Funds on deposit in each Additional Cash Collateral Account on any Transfer Date, after giving effect to any withdrawals from such Additional Cash Collateral Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The proceeds of any such investments shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the Transfer Date immediately following the date of such investment. The Trustee shall maintain for the benefit of the Series 1997-8 Certificateholders and each Additional Cash Collateral Depositor possession of the negotiable instruments or securities, if any, evidencing the Cash Collateral Account Investments in the related Additional Cash Collateral Account. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in each Additional Cash Collateral Account shall be paid to the related Additional Cash Collateral Depositor for application in accordance with the related Additional Loan Agreement. For purposes of determining the availability of funds or the balances in each Additional Cash Collateral Account for any reason under this Series Supplement, all investment earnings on such funds shall be deemed not to be available or on deposit. (c) On each Determination Date, the Servicer shall calculate the amount (the "Required Draw Amount") (determined after giving effect to any distribution to be made pursuant to Section 4.06(a)(i) or (c)(i), as the case may be, and Section 4.06(a)(ii) or (c)(ii), as the case may be, on the related Distribution Date) equal to the excess, if any, of (i) the Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Finance Charge Collections to be allocated and available pursuant to Section 4.09(a) to fund such Required Amount on such Distribution Date. (d) On each Determination Date, the Servicer shall calculate the amount (the "Interest Draw Amount") (determined after giving effect to any distribution to be made pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, and Section 4.09(c) on the related Distribution Date) of (i) any Class B Monthly Interest due but not to be deposited into the Class B Interest Funding Account on such Distribution Date pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, or Section 4.09(c), (ii) any Class B Monthly Interest previously due but not deposited into the Class B Interest Funding Account on a prior Distribution Date pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, or Section 4.09(c) or this paragraph (d), (iii) any Class B Additional Interest due but not to be deposited into the Class B Interest Funding Account on such Distribution Date and any Class B Additional Interest previously due but not deposited into the Class B Interest Funding Account on a prior Distribution Date pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, or Section 4.09(c) or this paragraph (d) and (iv) any Cumulative Excess Interest Amount due but not to be deposited into the Class B Interest Funding Account on such Distribution Date pursuant to Section 4.09(c). (e) On each Determination Date, the Servicer shall calculate the amount (the "Default Draw Amount") equal to the excess, if any, of (i) the Class B Investor Default Amount for the related Distribution Date over (ii) the amount of Excess Finance Charge Collections to be allocated and available pursuant to Section 4.09(d) to fund such Class B Investor Default Amount on such Distribution Date. (f) On each Determination Date (commencing with the Determination Date preceding the Class B Principal Commencement Date), the Servicer shall calculate the amount (the "Reimbursement Draw Amount") equal to the excess, if any, of (i) the Class B Initial Invested Amount minus the sum of the aggregate amount of principal payments previously distributed to Class B Certificateholders over (ii) the Class B Invested Amount on the last day of the related Due Period (determined after giving effect to any change to be made in the Class B Invested Amount pursuant to paragraph (c), (d), (e) or (f) of the definition of "Class B Invested Amount" on the following Distribution Date). (g) Notwithstanding Section 4.11(f), if either (i) the Certificateholders' Interest in the Receivables is reassigned to the Sellers pursuant to Section 2.06 of the Agreement, (ii) Receivables are sold, disposed of or otherwise liquidated pursuant to Section 9.02 or Section 12.02(c) of the Agreement or (iii) the Certificateholders' Interest in the Receivables is purchased by the Sellers pursuant to Section 10.01 of the Agreement or the Series 1997-8 Certificateholders' Interest is purchased by the Sellers pursuant to Section 7.01 of this Series Supplement, the Servicer shall not calculate the Reimbursement Draw Amount with respect to the relevant Distribution Date, but shall calculate the amount (the

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Credit Enhancement. ~~‌ [On or prior to~~ (a) The Servicer shall establish and maintain, in the ~~Closing Date~~name of the Trustee, on behalf of the ~~Borrower shall deliver~~ Trust, for the benefit of the Series 1998-6 Certificateholders and the Cash Collateral in Depositor, as their interests appear herein, a "Sellers Collateral Account" and a "Bank Collateral Account", each of which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the ~~amount of $ to~~ funds deposited therein are held for the ~~Master Servicer/Trustee to secure the repayment of all due and payable payment obligations~~ benefit of the ~~Borrower under this Bond Loan Agreement, including, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest~~ Series 1998-6 Certificateholders and ~~Call Premium, if any, on the Bond Loan. Pursuant to the Supplemental Indenture, the Master Servicer/Trustee shall establish a separate and dedicated account in which to deposit~~ the Cash Collateral (Depositor. The Sellers Collateral Account and the “Bank Collateral Account are collectively referred to as the "Cash Collateral Account”)". The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral Account ~~is part~~ shall be under the sole dominion and control of the ~~Bond~~ Trustee for the benefit of the Series 1998-6 Certificateholders and the Cash Collateral Depositor. The interest of the Cash Collateral Depositor in the Cash Collateral Account shall be subordinated to the interests of the Series 1998-6 Certificateholders as provided herein and in the Loan ~~Collateral~~Agreement. In If at any time any of the ~~event that monies are drawn~~ accounts comprising the Cash Collateral Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Closing Date, deposit in the Cash Collateral Account the proceeds of the advance to be made on such date by the Cash Collateral Depositor under the Loan Agreement, (ii) make withdrawals from the Cash Collateral Account ~~with respect~~ from time to ~~all or any portion~~ time in an amount up to the Available Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of ~~accelerated amounts due~~ the Cash Collateral Account make a deposit into the Cash Collateral Account in the amount specified in, and ~~payable as a result of any Event of Default~~ otherwise in accordance ~~with this Bond Loan Agreement or in the Promissory Note~~with, ~~amounts derived~~ Section 4.09(j). All withdrawals from the Cash Collateral Account shall be ~~applied by~~ made in the ~~Master Servicer/Trustee immediately prior~~ priority and in the manner set forth below. The Cash Collateral Depositor shall not be entitled to ~~the application of amounts derived~~ reimbursement from the ~~Required Overcollateralization Cash Account and~~ Trust Assets for any ~~cash on hand (derived~~ withdrawals from pledged Secondary Loans and Other Pledged Loans) available and on deposit with the Escrow Agent. If, as a result of a payment default under this Agreement, a deficiency occurs in the [ELIGIBLE CDFI] Debt Service Account [YEAR- ] causing a draw on the Cash Collateral Account, the Borrower will replenish the Cash Collateral Account ~~on or before~~ except as specifically provided in this Series Supplement. (a.1) On each Additional Issuance Date, the ~~next Loan Deposit Date. Subject to all obligations~~ Servicer shall establish and maintain, in the name of the ~~Borrower hereunder~~ Trustee, on behalf of the Trust, for the benefit of the Series 1998-6 Certificateholders and the related Additional Cash Collateral Depositor, as their interests appear in this Series Supplement, an "Additional Cash Collateral Account" which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 1998-6 Certificateholders and the related Additional Cash Collateral Depositor. The Trustee shall possess all right, title and interest in ~~connection herewith being satisfied upon~~ all funds on deposit from time to time in the ~~Final Maturity~~ Additional Cash Collateral Account and in all proceeds thereof. The Additional Cash Collateral Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 1998-6 Certificateholders and the related Additional Cash Collateral Depositor. The interest of the Additional Cash Collateral Depositor in the Additional Cash Collateral Account shall be subordinated to the interests of the Series 1998-6 Certificateholders as provided herein and in the related Additional Loan Agreement. If at any time any of the accounts comprising the Additional Cash Collateral Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Additional Issuance Date, or deposit in the ~~earlier prepayment in full~~ Additional Cash Collateral Account the proceeds of the ~~Bond Loan~~advance to be made on such date by the Additional Cash Collateral Depositor under the Additional Loan Agreement, ~~all funds~~ (ii) make withdrawals from the Additional Cash Collateral Account from time to time in an amount up to the Available Additional Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of the Additional Cash Collateral Account make a deposit into the Additional Cash Collateral Account in the amount specified in, and otherwise in accordance with, Section 4.09(j). All withdrawals from the Additional Cash Collateral Account shall be made in the priority and in the manner set forth below. The Additional Cash Collateral Depositor shall not be entitled to reimbursement from the Trust Assets for any withdrawals from the Additional Cash Collateral Account except as specifically provided in this Series Supplement. (b) Funds on deposit in the Cash Collateral Account shall be ~~remitted~~ invested at the direction of the Servicer (or the Cash Collateral Depositor, as provided in the Loan Agreement) by the Trustee in Cash Collateral Account Investments. Funds on deposit in the Cash Collateral Account on any Transfer Date, after giving effect to any withdrawals from the Cash Collateral Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the ~~Borrower~~following Transfer Date. The proceeds of any such investments shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the Transfer Date immediately following the date of such investment. The Trustee shall maintain for the benefit of the Series 1998-6 Certificateholders and the Cash Collateral Depositor possession of the negotiable instruments or securities, if any, evidencing the Cash Collateral Account Investments. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Cash Collateral Account shall be paid to the Cash Collateral Depositor for application in accordance with the Loan Agreement. For purposes of determining the availability of funds or the balances in the Cash Collateral Account for any reason under this Series Supplement, all investment earnings on such funds shall be deemed not to be available or on deposit.] (b.1) Funds on deposit in each Additional Cash Collateral Account shall be invested at the direction of the Servicer (or the related Additional Cash Collateral Depositor, as provided in the related Additional Loan Agreement) by the Trustee in Cash Collateral Account Investments. Funds on deposit in each Additional Cash Collateral Account on any Transfer Date, after giving effect to any withdrawals from such Additional Cash Collateral Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The proceeds of any such investments shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the Transfer Date immediately following the date of such investment. The Trustee shall maintain for the benefit of the Series 1998-6 Certificateholders and each Additional Cash Collateral Depositor possession of the negotiable instruments or securities, if any, evidencing the Cash Collateral Account Investments in the related Additional Cash Collateral Account. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in each Additional Cash Collateral Account shall be paid to the related Additional Cash Collateral Depositor for application in accordance with the related Additional Loan Agreement. For purposes of determining the availability of funds or the balances in each Additional Cash Collateral Account for any reason under this Series Supplement, all investment earnings on such funds shall be deemed not to be available or on deposit. (c) On each Determination Date, the Servicer shall calculate the amount (the "Required Draw Amount") (determined after giving effect to any distribution to be made pursuant to Section 4.06(a)(i) or (c)(i), as the case may be, and Section 4.06(a)(ii) or (c)(ii), as the case may be, on the related Distribution Date) equal to the excess, if any, of (i) the Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Finance Charge Collections to be allocated and available pursuant to Section 4.09(a) to fund such Required Amount on such Distribution Date. (d) On each Determination Date, the Servicer shall calculate the amount (the "Interest Draw Amount") (determined after giving effect to any distribution to be made pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, and Section 4.09(c) on the related Distribution Date) of (i) any Class B Monthly Interest due but not to be deposited into the Class B Interest Funding Account on such Distribution Date pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, or Section 4.09(c), (ii) any Class B Monthly Interest previously due but not deposited into the

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Credit Enhancement. ~~‌ [On or prior to~~ (a) The Servicer shall establish and maintain, in the ~~Closing Date~~name of the Trustee, on behalf of the ~~Borrower shall deliver~~ Trust, for the benefit of the Series 1997-10 Certificateholders and the Cash Collateral in Depositor, as their interests appear herein, a "Sellers Collateral Account" and a "Bank Collateral Account", each of which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the ~~amount of $ to~~ funds deposited therein are held for the ~~Master Servicer/Trustee to secure the repayment of all due and payable payment obligations~~ benefit of the ~~Borrower under this Bond Loan Agreement, including, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest~~ Series 1997-10 Certificateholders and ~~Call Premium, if any, on the Bond Loan. Pursuant to the Supplemental Indenture, the Master Servicer/Trustee shall establish a separate and dedicated account in which to deposit~~ the Cash Collateral (Depositor. The Sellers Collateral Account and the “Bank Collateral Account are collectively referred to as the "Cash Collateral Account”)". The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral Account ~~is part~~ shall be under the sole dominion and control of the ~~Bond~~ Trustee for the benefit of the Series 1997-10 Certificateholders and the Cash Collateral Depositor. The interest of the Cash Collateral Depositor in the Cash Collateral Account shall be subordinated to the interests of the Series 1997-10 Certificateholders as provided herein and in the Loan ~~Collateral~~Agreement. In If at any time any of the ~~event that monies are drawn~~ accounts comprising the Cash Collateral Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Closing Date, deposit in the Cash Collateral Account the proceeds of the advance to be made on such date by the Cash Collateral Depositor under the Loan Agreement, (ii) make withdrawals from the Cash Collateral Account ~~with respect~~ from time to ~~all or any portion~~ time in an amount up to the Available Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of ~~accelerated amounts due~~ the Cash Collateral Account make a deposit into the Cash Collateral Account in the amount specified in, and ~~payable as a result of any Event of Default~~ otherwise in accordance ~~with this Bond Loan Agreement or in the Promissory Note~~with, ~~amounts derived~~ Section 4.09(j). All withdrawals from the Cash Collateral Account shall be ~~applied by~~ made in the ~~Master Servicer/Trustee immediately prior~~ priority and in the manner set forth below. The Cash Collateral Depositor shall not be entitled to ~~the application of amounts derived~~ reimbursement from the ~~Required Overcollateralization Cash Account and~~ Trust Assets for any ~~cash on hand (derived~~ withdrawals from pledged Secondary Loans and Other Pledged Loans) available and on deposit with the Escrow Agent. If, as a result of a payment default under this Agreement, a deficiency occurs in the [ELIGIBLE CDFI] Debt Service Account [YEAR- ] causing a draw on the Cash Collateral Account, the Borrower will replenish the Cash Collateral Account ~~on or before~~ except as specifically provided in this Series Supplement. (a.1) On each Additional Issuance Date, the ~~next Loan Deposit Date. Subject to all obligations~~ Servicer shall establish and maintain, in the name of the ~~Borrower hereunder~~ Trustee, on behalf of the Trust, for the benefit of the Series 1997-10 Certificateholders and the related Additional Cash Collateral Depositor, as their interests appear in this Series Supplement, an "Additional Cash Collateral Account" which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 1997-10 Certificateholders and the related Additional Cash Collateral Depositor. The Trustee shall possess all right, title and interest in ~~connection herewith being satisfied upon~~ all funds on deposit from time to time in the ~~Final Maturity~~ Additional Cash Collateral Account and in all proceeds thereof. The Additional Cash Collateral Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 1997-10 Certificateholders and the related Additional Cash Collateral Depositor. The interest of the Additional Cash Collateral Depositor in the Additional Cash Collateral Account shall be subordinated to the interests of the Series 1997-10 Certificateholders as provided herein and in the related Additional Loan Agreement. If at any time any of the accounts comprising the Additional Cash Collateral Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Additional Issuance Date, or deposit in the ~~earlier prepayment in full~~ Additional Cash Collateral Account the proceeds of the ~~Bond Loan~~advance to be made on such date by the Additional Cash Collateral Depositor under the Additional Loan Agreement, ~~all funds~~ (ii) make withdrawals from the Additional Cash Collateral Account from time to time in an amount up to the Available Additional Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of the Additional Cash Collateral Account make a deposit into the Additional Cash Collateral Account in the amount specified in, and otherwise in accordance with, Section 4.09(j). All withdrawals from the Additional Cash Collateral Account shall be made in the priority and in the manner set forth below. The Additional Cash Collateral Depositor shall not be entitled to reimbursement from the Trust Assets for any withdrawals from the Additional Cash Collateral Account except as specifically provided in this Series Supplement. (b) Funds on deposit in the Cash Collateral Account shall be ~~remitted~~ invested at the direction of the Servicer (or the Cash Collateral Depositor, as provided in the Loan Agreement) by the Trustee in Cash Collateral Account Investments. Funds on deposit in the Cash Collateral Account on any Transfer Date, after giving effect to any withdrawals from the Cash Collateral Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the ~~Borrower~~following Transfer Date. The proceeds of any such investments shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the Transfer Date immediately following the date of such investment. The Trustee shall maintain for the benefit of the Series 1997-10 Certificateholders and the Cash Collateral Depositor possession of the negotiable instruments or securities, if any, evidencing the Cash Collateral Account Investments. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Cash Collateral Account shall be paid to the Cash Collateral Depositor for application in accordance with the Loan Agreement. For purposes of determining the availability of funds or the balances in the Cash Collateral Account for any reason under this Series Supplement, all investment earnings on such funds shall be deemed not to be available or on deposit.] (b.1) Funds on deposit in each Additional Cash Collateral Account shall be invested at the direction of the Servicer (or the related Additional Cash Collateral Depositor, as provided in the related Additional Loan Agreement) by the Trustee in Cash Collateral Account Investments. Funds on deposit in each Additional Cash Collateral Account on any Transfer Date, after giving effect to any withdrawals from such Additional Cash Collateral Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date. The proceeds of any such investments shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the Transfer Date immediately following the date of such investment. The Trustee shall maintain for the benefit of the Series 1997-10 Certificateholders and each Additional Cash Collateral Depositor possession of the negotiable instruments or securities, if any, evidencing the Cash Collateral Account Investments in the related Additional Cash Collateral Account. On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in each Additional Cash Collateral Account shall be paid to the related Additional Cash Collateral Depositor for application in accordance with the related Additional Loan Agreement. For purposes of determining the availability of funds or the balances in each Additional Cash Collateral Account for any reason under this Series Supplement, all investment earnings on such funds shall be deemed not to be available or on deposit. (c) On each Determination Date, the Servicer shall calculate the amount (the "Required Draw Amount") (determined after giving effect to any distribution to be made pursuant to Section 4.06(a)(i) or (c)(i), as the case may be, and Section 4.06(a)(ii) or (c)(ii), as the case may be, on the related Distribution Date) equal to the excess, if any, of (i) the Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Finance Charge Collections to be allocated and available pursuant to Section 4.09(a) to fund such Required Amount on such Distribution Date. (d) On each Determination Date, the Servicer shall calculate the amount (the "Interest Draw Amount") (determined after giving effect to any distribution to be made pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, and Section 4.09(c) on the related Distribution Date) of (i) any Class B Monthly Interest due but not to be deposited into the Class B Interest Funding Account on such Distribution Date pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, or Section 4.09(c), (ii) any Class B Monthly Interest previously due but not deposited into the Class B Interest Funding Account on a prior Distribution Date pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, or Section 4.09(c) or this paragraph (d), (iii) any Class B Additional Interest due but not to be deposited into the Class B Interest Funding Account on such Distribution Date and any Class B Additional Interest previously due but not deposited into the Class B Interest Funding Account on a prior Distribution Date pursuant to Section 4.06(b)(i) or (d)(i), as the case may be, or Section 4.09(c) or this paragraph (d) and (iv) any Cumulative Excess Interest Amount due but not to be deposited into the Class B Interest Funding Account on such Distribution Date pursuant to Section 4.09(c). (e) On each Determination Date, the Servicer shall calculate the amount (the "Default Draw Amount") equal to the excess, if any, of (i) the Class B Investor Default Amount for the related Distribution Date over (ii) the amount of Excess Finance Charge Collections to be allocated and available pursuant to Section 4.09(d) to fund such Class B Investor Default Amount on such Distribution Date. (f) On each Determination Date (commencing with the Determination Date preceding the Class B Principal Commencement Date), the Servicer shall calculate the amount (the "Reimbursement Draw Amount") equal to the excess, if any, of (i) the Class B Initial Invested Amount minus the sum of the aggregate amount of principal payments previously distributed to Class B Certificateholders over (ii) the Class B Invested Amount on the last day of the related Due Period (determined after giving effect to any change to be made in the Class B Invested Amount pursuant to paragraph (c), (d), (e) or (f) of the definition of "Class B Invested Amount" on the following Distribution Date). (g) Notwithstanding Section 4.11(f), if either (i) the Certificateholders' Interest in the Receivables is reassigned to the Sellers pursuant to Section 2.06 of the Agreement, (ii) Receivables are sold, disposed of or otherwise liquidated pursuant to Section 9.02 or Section 12.02(c) of the Agreement or (iii) the Certificateholders' Interest in the Receivables is purchased by the Sellers pursuant to Section 10.01 of the Agreement or the Series 1997-10 Certificateholders' Interest is purchased by the Sellers pursuant to Section 7.01 of this Series Supplement, the Servicer shall not calculate the Reimbursement Draw Amount with respect to the relevant Distribution Date, but shall calculate the amount (the

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Common use of Credit Enhancement Clause in Contracts